The challenge of every business today is how to stay competitive on the market and ensure its services are offering an acceptable level of quality, especially in sales. Once you reach that competitiveness peak, it’s even more of a challenge to sustain your quality business for a certain period of time.
One of the strongest programs for any modern sales team is Configure Price Quote, or CPQ, software. This program utilizes modern AI programming with synergy from multiple levels of the business to create a platform that is fast, efficient and leads to winning contracts with the first quote. Not only that, but this program dramatically reduces mistakes to ensure that everyone is happy with the deal. This is a program every sales team needs to succeed.
What is CPQ Software?
Configure Price Quote software (PROS) is an AI-driven program that helps your sales team. One of the many problems that sales teams have is that they need to go back and forth with clients about quotes. Most clients will want a discount based on volume, the promise of a long-term contract or to get them started as a new client. This is how the business works and discounts are commonplace here.
The problem is that traditional channels force agents to speak with managers and get approval. This often leads to lots of back-and-forth conversations. In that time another company can swoop in and offer a faster deal. CPQ software avoids this by creating a digital catalog of products that can utilize approved discounts. This makes it much easier for agents to function. Not only that, but software like this helps produce more jobs.
Everyone is aware of how much time is lost in managing quotes, drafting different proposals, while it would do much better to the sales, to have enough time for closing the deals. Plus, reviewing quotes in a way other than via software (such as manually) can result in errors and sending quotes which are not accurate. Going back to track down mistakes is even harder, and again leaves an opportunity for competition to step in and take over the business. Time is money and it’s highly important to get accurate quotes to prospects and to have time to focus on other areas of sales.
Not only that, but these programs have the entire product catalog and it can be updated in seconds. If there’s a new product, sale or promotion, then the agent will see it immediately and will be able to offer it to their leads.
Why is CPQ Software Important?
CPQ uses the latest AI technology to create a strong, adaptable program that will push profits higher than ever. First of all, AI can be programmed based on your needs. It can be programming with approved discounts that agents can use with leads to quickly secure deals. This reduces the amount of time supervisors and managers need to work on each deal. While this is good enough, AI can do much more.
Organization-wise, CPQ offers more transparency, meaning that all of the management will have access to an overview of what has been sold and what hasn’t, any time they need it. The sales, on the other hand, will always have a clear preview of what can be offered to a potential customer.
Profits often rely on upselling and cross-selling. Effective cross-selling ensures that you offer the client associated products they need that will drive up your revenue. CPQ software can suggest these products to agents so that they bring them up to clients. It can predict and make a suitable combination of products or services, according to the needs of your customer. For example, if you sell food to restaurants and client orders produce, then CPQ software can be configured to suggest spices, specialized tools and equipment to work with the product.
When it comes to introducing the new models of the revenues, the software is highly appreciated for creating a platform which will offer your customers more flexibility regarding payments. All customers will appreciate this and the CPQ will support it by being a great asset to the sales.
With software such as CPQ and its associated methods, you can benefit from an approach that facilitates the formalization of your business rules and constraints. And have a quick way to test them. With the macro language and the data model offered by CPQ, you will have all the means necessary to integrate the most complex rules.
In general, this is a bridge between managers and agents that ensures every agent is doing their best and winning deals as quickly as possible. It also reduces mistakes by ensuring the right price each and every time.
Things to Know
You’ll want CPQ software that you can customize. The AI relies on your rules, product catalog and consistent updates. If you can’t customize the program, then you are losing out on its true potential.
You also want to have software that meets the needs of your business and ensures customers satisfaction. The one that can be successfully integrated in your sales.
You must also check the interface before choosing the program. While there might be a lot going on behind the scenes, the interface that your agents work with should be clean and straightforward. A confusing program isn’t effective. The agents should be able to easily navigate between products, price structures and other elements.
Having your customers satisfied with the effectiveness of your services today is of crucial importance to your business. Having a centralized system that will alert you every time a customer wishes to replace a product will enable you to react quickly and respond to their needs. Getting the feedback quickly will result in the increase of the customers satisfaction, contribute to creating a long-lasting relationship of trust, and you will successfully retain your customer.
CPQ software is one of the strongest programs available for sales teams because it’s fast, efficient and helps you secure the deals quicker than ever. Try this software out and you will see how much it can boost your profits.